Inside look at TextPayMe

I heard about the new startup TextPayMe a few months ago, but unfortunately I have not had time to follow up with this group of former Microsoft and Lockheed Martin employees.

The Redmond company is developing a way to send money through mobile phones using text messages. That means someone who forgot to bring their wallet — but remembered their phone — could easily send a payment to a friend to help pick up the tab at a restaurant or theater.

Wired magazine has a good profile on the startup and how it could face competition from PayPal. And for more information on the service visit the TextPayMe blog.

In a way, the service is similar to Bill Monk which also allows people to settle IOUs using their cell phones. I wrote about that Seattle startup last month in this post.

UPDATE: Michael Arrington at TechCrunch profiles TextPayMe — also pointing out the looming competition from PayPal. And the guys at BillMonk say their service could be a nice complement to TextPayMe.

“TextPayMe is a payments service, like a mobile PayPal. BillMonk does accounting, akin to a social Quicken with a mobile component. We solve the tracking and math problem: we split your bills, add up the bits and pieces, and generally help friends with money,” they explain.

Inside look at TextPayMe

I heard about the new startup TextPayMe a few months ago, but unfortunately I have not had time to follow up with this group of former Microsoft and Lockheed Martin employees.

The Redmond company is developing a way to send money through mobile phones using text messages. That means someone who forgot to bring their wallet — but remembered their phone — could easily send a payment to a friend to help pick up the tab at a restaurant or theater.

Wired magazine has a good profile on the startup and how it could face competition from PayPal. And for more information on the service visit the TextPayMe blog.

In a way, the service is similar to Bill Monk which also allows people to settle IOUs using their cell phones. I wrote about that Seattle startup last month in this post.

UPDATE: Michael Arrington at TechCrunch profiles TextPayMe — also pointing out the looming competition from PayPal. And the guys at BillMonk say their service could be a nice complement to TextPayMe.

“TextPayMe is a payments service, like a mobile PayPal. BillMonk does accounting, akin to a social Quicken with a mobile component. We solve the tracking and math problem: we split your bills, add up the bits and pieces, and generally help friends with money,” they explain.